June 15, 2005

Polydex Pharmaceuticals Limited Announces 1st Quarter Financial Results

Toronto, Ontario, June 15, 2005 -- Polydex Pharmaceuticals Limited (NASDAQ: POLXF ) (BSE: PXL) has reported financial results of operations for the first quarter of fiscal 2006, ending April 30, 2005. Revenue is derived from sales of bulk manufactured products. There was also revenue from finished dosage manufactured products up to March 4, 2004, at which time the Company's investment in the Vet Labs - Sparhawk Joint Venture was sold.

The Company increased research and development expenditures in this first quarter over the same period last year by $18,905, a 141% increase, toward a pilot study involving the Company's lead human pharmaceutical compound, Ushercell, to determine its effectiveness at treating a common bacterial disorder among reproductive age women, Bacterial Vaginosis. The clinical trial supplies for this trial have been manufactured, packaged and shipped to Brazil for the upcoming study.

In fiscal year 2006, management intends to focus on the core business that has historically been the backbone of the Company. Opportunities to increase distribution chains for existing Dextran products in certain overseas markets, such as India , China and Russia are being explored. Expanding current market opportunities and the potential for new market penetration has led management to make plant refurbishments and the expansion of production capacity a priority.

The Company's Annual Report has recently been published and is available at the website, or by contacting Investor Relations at 1-877-945-1621.

Polydex Pharmaceuticals Limited, based in Toronto, Ontario, Canada, is engaged in the research, development, manufacture and marketing of biotechnology-based products for the human pharmaceutical market, and also manufactures bulk pharmaceutical intermediates for the worldwide veterinary pharmaceutical industry.

Note: This press release may contain forward-looking statements, within the meaning of the United States Securities Act of 1933, as amended, and the United States Securities Exchange Act of 1934, as amended, regarding Polydex Pharmaceuticals Limited. Actual events or results may differ materially from the Company's expectations, which are subject to a number of known and unknown risks and uncertainties including but not limited to changing market conditions, future actions by the United States Food and Drug Administration or equivalent foreign regulatory authorities as well as results of pending or future clinical trials. Other risk factors discussed in the Company's filings with the United States Securities and Exchange Commission may also affect the actual results achieved by the Company.

CONTACT:

Investor Relations
North Arm Capital Services
Linda Hughes, Toll-free 1-877-945-1621
or e-mail: Linda@northarm.com